Fortrade Practise Account
Most new investors at Fortrade start off with a demo account first, in order to get acclimated with the unique Forex trading platform. This is a very important step at the beginning of your investing journey. You need to properly understand the way that their software works, so that you will not be stuck when you are ready to invest or make a trade.
It is a good thing that Fortrade gives all their new customers a free demo account. You will be able to see order types, margin requirements, stop loss and take profit settings.
Demo Accounts vs. Real Accounts.
A Demo Trading Account is the perfect way to test out your newest trading strategy. If you are building an algorithm, you would have to be crazy to not first test it on a demo account.
There are a few differences in a demo account, as opposed to a real account.
- The money in your account is paper money, therefore, if you lose $10,000, you can start again.
- Psychologically investors are not as cautious when using a demo account. This causes them to place riskier trades, and sometimes gain huge profits, which are fake.
- All trades will execute on a practise account, but in a real account there are sometimes liquidity issues which will prevent an execution.
- The market price on a demo account many times is not 100% accurate. Spreads may be show as being tighter than in real market conditions.
- Some brokers do not show all available underlying assets in the practise account.
How to Open a Fortrade Demo Account?
In order to open a demo trading account at Fortrade, you will need a valid phone number and an email address.
Once there, enter your Full Name, Email Address and contact Phone Numbers. On the next screen they will ask for your mailing address, along with a couple of questions to ensure your are qualified to invest.
This broker has the option of using both the MetaTrader 4 (MT4) platform, and their proprietary “Fortrader” trading software.
Comparing Forex Brokers
Online brokers in general are international companies, handling clients from all over the world. Some have restrictions on the accepting clients from sanctioned countries, and others do not accept from leading countries. For instance, American brokers do not accept clients from the United Kingdom and vice versus. So, it is always important to find a broker that is licensed by your government’s monetary authority.
Local brokers are better because of a few reasons.
- They are licensed in your country, and your money is secure.
- Spreads on Forex pairs with your local currency are tighter. For example; British Forex brokers have tighter spreads on GBP/USD than an Australian or Canadian Forex broker.
- Latency, which is the amount of time it takes to confirm an order, happens faster. Although the internet is very fast, there exists latency issues when connecting from London to Dubai.
Fortrade Summary Review
Fortrade.com is a popular Forex CFD broker in England, that is offering investors and day traders alike, the ability to invest in a secure trading environment.
They have a wide range of products to trade CFD’s. You will find Forex Currency Pairs, Crypto Currencies (Bitcoin, Ethereum, Ripple), Commodities (Oil, Natural Gas), Metals (Gold, Silver, Platinum etc.) and Market Indexes (S&P 500, Nikkei, Nasdaq).
This broker is licensed and regulated in the United Kingdom by the Financial Conduct Authority (FCA), and by the National Bank of the Republic of Belarus.